Tuesday Nov. 5 — Crypto prices continue to show upward momentum across markets, while Bitcoin (BTC) hovers around the $9,300 price mark and Stellar (XLM) takes a shot at the moon with gains of more than 20%.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin was trading close to the $9,400 price mark for a large part of the day but is showing signs of downward price behavior in recent hours. The world’s largest cryptocurrency traded at an intraday high of around $9,465, before losing ground towards its current trading price of around $9,311. BTC is reporting a moderate loss of 0.56% in the past 24 hours.
BTC daily price chart. Source: Coin360
According to Bitcoin statistician and commentator Willy Woo, bullish action should begin to surface after Bitcoin’s dip to $8,600, due to filling in a gap in futures markets. Thereafter, he said, Bitcoin needs a monthly close above $14,000 in order to then secure a longer-term bull market. He explained:
“Once we get a monthly close above $14k, we’ll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that’s the best time to deploy capital.”
Perhaps Bitcoin’s price can take a clue from Stellar’s shot to the moon as the coin’s price surged 25% after the announcement was made that a 50% token burn of its total supply was completed. XLM is currently trading at a price of $0.084 per coin, reporting massive gains of more than 20% on the day, igniting claims that XLM might be able to trigger a new bull cycle.
Ether (ETH), meanwhile, is currently sitting at $190 per coin and is showing a gain of around 1.86% at publishing time.
Ether seven-day price chart. Source: Coin360
XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.301 per coin, up 1.4% at press time. Cointelegraph contributor Michael van de Poppe pointed out that the Swell conference is approaching, which could potentially bring news and volatility to the markets at the same time that XRP price seems to be lining up for a breakout move.
XRP seven-day price chart. Source: Coin360
The top 20 coins are showing both green and red candlesticks, with Stellar taking the absolute lead as biggest gainer of the day, followed by impressive gains by Bitcoin SV (BSV), up more than 7% on the day.
NEO, on the other hand, is taking the title of worst top-20 performers of the day, with losses of more than 2% on the day.
The overall cryptocurrency market cap currently sits at $252.5 billion, with Bitcoin making up 66.9% of the total.